Functional Beverages Market to Garner $200.08 Bn, Globally, by 2030 at 5.9% CAGR: Allied Market Research
Rise in demand for functional beverages in developing nations, surge in purchasing power, and increase in consumption of natural sports drinks have boosted the growth of the global functional beverages market.
PORTLAND, Ore., Sept. 22, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Functional Beverages Market by Type (Energy Drinks, Sports drinks, Dairy-based beverages, Juices, and Others), Distribution Channel (Supermarket and Hypermarket, Specialty Stores, E-Commerce and Others), and End User (Athletes, Fitness Lifestyle Users and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global functional beverages industry was pegged at $110.14 billion in 2020, and is expected to reach $200.08 billion by 2030, growing at a CAGR of 5.9% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in demand for functional beverages in developing nations, surge in purchasing power, and increase in consumption of natural sports drinks have boosted the growth of the global functional beverages market. However, strict regulations and international quality standards, availability of healthier substitutes, and stringent government regulations for storage hinder the market growth. On the contrary, rise in investments by small- and medium-sized food product manufacturing companies, surge in demand for natural botanicals infused drinks and relaxation drinks, and rapid growth of the retail sector would open new opportunities for the market players in the future.
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Covid-19 pandemic:
- Due to the Covid-19 pandemic, the demand for functional beverages increased significantly due to rise in awareness regarding healthy lifestyles and diet. On the contrary, due to the cancellation of sports events, the demand for functional beverages decreased.
- However, the majority of the manufacturing facilities were closed due to strict regulations regarding lockdown and social distancing. This disrupted the supply chain and increased the prices of raw materials.
The dairy-based beverages segment to portray the highest CAGR through 2030
By type, the dairy-based beverages segment would register the highest CAGR of 8.0% during the forecast period, due to rise in prices of medicines and surge in healthcare costs which encouraged people to find cheaper and effective health-improve beverages. However, the energy drinks segment held the largest share in 2020, accounting for more than two-fifths of the global functional beverages market, owing to rise in performance, weight loss, attention, and stamina offered by these drinks.
The supermarket and hypermarket segment held the lion's share
By distribution channel, the supermarket and hypermarket segment dominated the market in terms of revenue in 2020, contributing nearly two-fifths of the global functional beverages market, and is expected to continue its dominance throughout the forecast period. This is due to improved lifestyle with surge in disposable income along with influence of western culture. However, the e-commerce segment is projected to register the highest CAGR of 9.6% from 2021 to 2028, due to easy availability of products and benefits such as information about the attributes of the products, time-saving features, and facility of home delivery provided by the online platform.
North America dominated the market in terms of revenue
By region, the global functional beverages market across North America held the largest share in 2020, contributing to nearly two-fifths of the market, due to rise in demand from young adults and athletes. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 7.7% during the forecast period, owing to rise in demand for probiotic dairy-based functional beverages, energy, and sports drinks and surge in consumer awareness toward clean label products and health ingredients.
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Key market players
- Red Bull
- MaxiNutrition
- Dupont Nutrition Biosciences ApS
- The Coca-Cola Company
- Clif Bar
- Meiji Co., Ltd.
- Monster Beverage Corporation
- National Beverage Corp.
- Nestlé S.A.
- Pepsico, Inc.
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